Cetus Protocol, a Sui-native decentralized exchange that suffered a huge $220 million exploit in May, says it is now working on going open-source following its recent relaunch. An attacker exploited a pricing mechanism flaw to drain tokens from Cetus’ major liquidity pools on May 22. The protocol managed to freeze $162 million of the stolen funds shortly after. Trade volume on Cetus had been trending upward before the attack, registering over $5 billion in April and another $5 billion in May, despite shutting down after May 22.
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The cryptocurrency market begins the week on a positive note with altcoins such as SPX6900 (SPX), Internet Computer (ICP), and AB (AB) leading the gains on Monday, at press time. Recovering from the flash crash on Thursday, Bitcoin reclaims and holds above the $105,000 level on Saturday, adding tailwinds to altcoins. However, the US-China trade talks between Treasury Secretary Scott Bessent and Vice Premier He Lifeng on Monday in London could raise the temperature in the crypto market. This is the second meeting after the talks in Geneva on May 1, which resulted in a 90-day pause in tariffs, sparking recovery in the US and cryptocurrency market over the week. Furthermore, after a Presidential-level phone call between the US and China on Thursday last week, Donald Trump said Xi has agreed to resume shipments of rare earth minerals and magnets bound for the US.
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